Jio Platforms has cleared a key regulatory hurdle for what could become India’s largest-ever initial public offering.
The Securities and Exchange Board of India (SEBI) issued its observation letter on August 28 for Jio Platforms’ draft red herring prospectus (DRHP), moving Reliance Industries’ digital and telecom arm closer to a public listing.
The proposed issue is expected to raise around ₹37,700 crore, although the final issue size will depend on the eventual price.
SEBI Clears IPO Proposal
Reliance Industries said Jio Platforms received SEBI’s observation letter on its DRHP filed on June 19, 2026. The regulatory development clears an important stage in the IPO process, but does not mean investors can subscribe yet. Jio Platforms has not announced its price band or subscription dates.
The IPO will comprise up to 27 crore new equity shares with a face value of ₹10 each. The issue is entirely a fresh issue, with no offer-for-sale component from existing shareholders.
India’s Biggest IPO Record
If launched at around ₹37,700 crore, the Jio Platforms IPO would surpass Hyundai Motor India’s ₹27,870-crore public issue in October 2024, currently India’s largest IPO. Hyundai had overtaken the ₹20,557-crore Life Insurance Corporation of India issue of May 2022.
A major portion of the proposed proceeds is earmarked for debt reduction. Jio Platforms plans to use up to ₹27,500 crore to repay or prepay borrowings of Reliance Jio Infocomm Ltd, its material subsidiary. The remaining proceeds will be used for general corporate purposes.
Because the IPO has no offer-for-sale component, existing shareholders will not be selling their shares as part of the proposed issue. Reliance Industries currently holds 66.43% of Jio Platforms, while Meta Platforms’ affiliate Jaadhu Holdings owns 9.98% and Google International LLC holds 7.73%.
Jio’s Latest Financial Numbers
The proposed listing comes after Jio Platforms reported higher revenue and profit in the first quarter of FY27. Revenue from operations rose 11.8% year-on-year to ₹39,173 crore, while net profit increased 9.2% to ₹7,764 crore.
Reliance’s latest disclosures also show that Jio had more than 533 million connectivity subscribers in Q1 FY27. The company reported 285 million 5G users and 28.6 million fixed-broadband connections, including 14 million AirFiber connections.
Price Band, Dates Awaited
Jio Platforms has yet to announce the IPO price band, opening date or closing date. The final amount raised will therefore depend on the price determined through the book-building process.
For now, the ₹37,700-crore figure represents the expected scale of the proposed issue. If launched at that level, the Jio Platforms IPO would set a new record for the largest IPO in India, surpassing Hyundai Motor India’s 2024 issue.
